Legal Question in Wills and Trusts in Florida
How do I reduce the impact of bills leved aginst an estate
I am the appointed exexator for my brothers estate. He left all of his insurance to his daughter and wife, and had only a few thousand dollars in his personal checking account and savings. His estate owes 80K, and he has only a paultry amount of personal assesets to sell. He has some land, but it was inherited and his wife wants it to be returned to the family and not be sold. Is there any way to reduce the the debit libility aginst the estate and not be forced to sell the land?
3 Answers from Attorneys
Re: How do I reduce the impact of bills leved aginst an estate
Not if the creditors insist on payment.
Re: How do I reduce the impact of bills leved aginst an estate
If he lived on this land and it was his homestead under Florida law, it would pass to heirs free of the claims of creditors. Talk to a probate attorney to see if it qualifies for such treatment.
Re: How do I reduce the impact of bills leved aginst an estate
About the only thing she can do is wait until 2 years after his death to initiate probate. Unless a creditor files with the court before the 2 years go by, they lose their right to file a claim. At that point she could do a summary (simplified)probate without concern over creditors.
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